Thailand to amend tax on foreign income remittance

[Mercury]

https://www.bangkokpost.com/busines...ent-to-amend-tax-on-foreign-income-remittance

As expected.

 

[TheCryptoAnt]

Just chipping in to FYI yall that you can gift 20M thb to your spouse tax free per year.

Just dont do it to this Ploy girl you met in Pattaya, go find yourself a nice northern girl

 

[Mercury]

Just dont do it to this Ploy girl you met in Pattaya, go find yourself a nice northern girl

Well I've got good memories with Ploy.

 

[TheCryptoAnt]

Well I've got good memories with Ploy.

If you have 20M thb worth of memories with Ploy...

Can I have her Line pls

 

[Mercury]

If you have 20M thb worth of memories with Ploy...

Can I have her Line pls

She's priceless, not sharing details

 

[whatspat]

https://www.bangkokpost.com/busines...ent-to-amend-tax-on-foreign-income-remittance

As expected.

Wait, what? This article says they're going to change the rules such that foreign income remitted within the year it's earned (or the following year) will not be taxable?

We started with foreign income remitted within the calendar year it was earned being taxable, then foreign income remitted any time being taxable (pre-2024 income excluded), and now foreign income remitted within the year it was earned or the following year not being taxable?

I certainly didn't expect this; is it too good to be true?

 

[TheCryptoAnt]

Wait, what? This article says they're going to change the rules such that foreign income remitted within the year it's earned (or the following year) will not be taxable?

We started with foreign income remitted within the calendar year it was earned being taxable, then foreign income remitted any time being taxable (pre-2024 income excluded), and now foreign income remitted within the year it was earned or the following year not being taxable?

I certainly didn't expect this; is it too good to be true?

'Under the new guidelines, Thais with foreign income will not be taxed if they remit that income in the year it was earned or the following year. For example, if income is earned in 2025 and brought into Thailand in 2025 or 2026, it is not subject to tax.

However, if the income is remitted after that period, normal tax obligations apply.'

From what I understand; bring your money now and spend it here, we wont tax you, but if you save it and bring it after, then we will tax you?

'This condition is intended to expedite the repatriation of foreign income, potentially supporting domestic investment, in line with government policy.'


Sounds like its lessgo time. Thailand has been doing quite poorly in the tourism front lately, mainly because this is not the dirt cheap place it once was imo.

The usual crowd is now in Vietnam for the most part.

 

[Marzio]

This is even better than the old taxation model, you can repatriate foreign income in the same year it's earned.

 

[toums]

Let’s not speak too soon, but if this does indeed happen, it would mean that all assets accumulated / income earned up until 31/12/2023 would be tax-exempt if repatriated to Thailand. And any new income from 2025 (or 2026?) onwards could potentially be repatriated in the same year or the following one, without tax?

It sounds a bit too good to be true, but I’m on board if it actually goes through, of course.

 

[toums]

Let’s not speak too soon, but if this does indeed happen, it would mean that all assets accumulated / income earned up until 31/12/2023 would be tax-exempt if repatriated to Thailand. And any new income from 2025 (or 2026?) onwards could potentially be repatriated in the same year or the following one, without tax?

It sounds a bit too good to be true, but I’m on board if it actually goes through, of course.

EDIT : "THAIS with foreign income".... Hopefully they dont do it ONLY for TH citizens, and falanggg get screwed again.

 

[Marzio]

Hopefully they dont do it ONLY for TH citizens, and falanggg get screwed again.

from the article: "This rule applies to persons who stay in Thailand for 180 days or more and have foreign income."

 

[ElBotellon]

despite good on paper, the instability of legislation I believe generated a loss of credibility. People cannot plan their relocation based on rules changing so often. This is a problem very similar to what happens in many EU countries where you have changes monthly.

 

[KingKing777]

It remains to be seen. But I will gladly accept this new amendment.

 

[intlman]

despite good on paper, the instability of legislation I believe generated a loss of credibility. People cannot plan their relocation based on rules changing so often. This is a problem very similar to what happens in many EU countries where you have changes monthly.

TIT (This Is Thailand) - meaning things will change rapidly. I understand the frustration though, it makes it difficult to plan ahead.

 

[jeffbean]

Isn’t Thailand still a good location to setup even if you extend 183 days?

Only the forgiven income remitted or locally earned is taxed in Thailand???

 

[toums]

Isn’t Thailand still a good location to setup even if you extend 183 days?

Only the forgiven income remitted or locally earned is taxed in Thailand???

It's actually 180days+ (not 183) in a calendar year.

Yes.

 

[TheCryptoAnt]

despite good on paper, the instability of legislation I believe generated a loss of credibility. People cannot plan their relocation based on rules changing so often. This is a problem very similar to what happens in many EU countries where you have changes monthly.

In truth its very easy really just come here and dont give a s**t. Never report, never pay, never nothing like fr nothing will ever happen to you.

Thailand is a place with a lot of rules and laws on paper but enforcement is negative at best

 

[Marzio]

Never report, never pay, never nothing like fr nothing will ever happen to you.

Andrew, you never lose your style!

 

[TheCryptoAnt]

Andrew, you never lose your style!

Hes not too far off tho lol

 

[jesuschrist]

In truth its very easy really just come here and dont give a s**t. Never report, never pay, never nothing like fr nothing will ever happen to you.

In that sense, the rest of the world isn't much different. There are lots of other income types that if you don't report in Eastern-Europe nobody will care.
Problems usually only arise if an ex-girlfriend or a jealous neighbor decides to report you.

Thailand's tax residency was mainly useful if you needed papers while still holding significant assets in the West, so if authorities started asking questions, you could show them the papers.